This week's winners
Sirius up 2%
Benfield up 1.05%

This week's losers
Misys down 8.52%
Aviva down 13%

Full year results are now coming in thick and fast. Last week Royal Bank of Scotland (RBS) posted spectacular profits, but a worrying line in the results for RBS Insurance showed a 34% increase in expenses. Excluding Churchill there would have been a 9% increase. Nonetheless, the combined ratio was 91.6%, up from 89% in 2002.

Compare and contrast Royal Bank Insurance with Norwich Union figures, due to be released yesterday, and AXA today. Watch for details ahead of next week's issue.

Royal & SunAlliance was downgraded by analyst Andrew Crean of Citigroup and shares fell back to 105.25p on Monday.

Amlin's shares suffered in early week trading as Numis warned that 10 March prelims would do well to meet the "unduly" high expectations of the market. As Amlin fell, investors bought into Brit.

Jardine Lloyd Thompson registered an 11% increase in pre-tax profits to £111m for 2003. But investors gave the stock a thumbs down, worried by the brokers exposure to the dollar, now trading near $2 against the pound. Expect more acquisitions as JLT reckoned the market for buying other firms is the best for a decade.

Investor KKR has reduced its holding in Willis to 7.5%. It owned 74.3% following its buy-out in 1998.

Bermuda insurer and reinsurer Aspen recorded a net income of $152.1m for 2003 up from $28.6m in 2002. The company had a combined ratio of 78%.

Catlin's march to market was spurred by a speculative £700m-£800m valuation. JP Morgan, Goldman Sachs and UBS are advising Catlin.